financial crisis

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Time to Punish Someone for Economic Disaster
Time to Punish Someone
for Economic Disaster
ANALYSIS
Sep 23, 2008 2:25 AM CDT

Time to Punish Someone for Economic Disaster

Bailout package should penalize those who brought down system, say experts

(Newser) - Economists mostly agree that the financial situation is so dire that a bailout is needed, but many are skeptical about the one proposed. One of the biggest problems is the lack of punitive measures against the reckless, fat-salaried financial bosses who created the mess in the first place, experts tell...

Americans Blame GOP for Economy by 2-to-1

(Newser) - Voters blame the GOP over Democrats for the Wall Street crisis by a 2-to-1 margin that may be boosting Barack Obama's overall numbers, a new poll says. Nearly half of Americans pinned blame on Republicans while only about a quarter held Democrats responsible. And Obama held a 10-point lead among...

Wall St. Disarray Leaves Mess for Nonprofits

Charitable giving suffers as firms fold, merge, cut back

(Newser) - The victims of the Wall Street tsunami aren't all investment bankers and McMansion brokers. Kids with diabetes, residents of low-income housing, and fans of classical music are among those who could take a hit as nonprofits that depend on philanthropy from financial services firms absorb the fallout, the Boston Globe...

Let's Not Rush Into a 'Financial War of Choice'
Let's Not Rush Into a 'Financial War of Choice'
OPINION
Sep 22, 2008 3:00 PM CDT

Let's Not Rush Into a 'Financial War of Choice'

Time to stop and consider Washington's insane plan

(Newser) - In an instant, the Treasury’s bailout plan has gone “from invisibility to inevitability,” but it’s a dangerous scheme marketed under false pretenses, writes Sebastian Mallaby in the Washington Post. Whatever the administration says, this isn’t like the 1989 savings-and-loan cleanup, which set up an entity...

Conservative Pundits Rail Against Bailout
Conservative Pundits Rail Against Bailout
OPINION
Sep 22, 2008 1:28 PM CDT

Conservative Pundits Rail Against Bailout

Even right wing doesn't like administration's rescue plan

(Newser) - The Bush administration’s $700 billion financial bailout plan seems destined to make it through Congress, but even conservative pundits are bashing the desperate move:
  • If a Democratic administration were proposing this plan, a Republican Congress would shoot it down, writes Newt Gingrich in the National Review. "Congress was
...

After Meltdown, 'Safe Will Be the New Sexy': Cramer

'Good, clean, old-fashioned banking' is coming back in US markets

(Newser) - A new era has arrived on Wall Street, with the big investment firms falling, James Cramer writes in New York, and traditional banks with large deposit bases looking like the smartest option all along. “We’ll see a more chaste culture emerge from all of this, on Wall Street,...

Main Street Skeptics Slam Bailout Scheme

Many doubt their tax dollars should cover Wall Street's 'greed'

(Newser) - While Wall Street stands to gain in the federal bailout, many on Main Street are deeply skeptical, the Washington Post finds in a heavily foreclosed-upon Virginia community. “I've been financially responsible with my own money. Why should I now be responsible for the fact that you were not?” wonders...

Paulson's New Powers Put More Focus on Successor
Paulson's New Powers Put More Focus on Successor
ANALYSIS
Sep 22, 2008 9:53 AM CDT

Paulson's New Powers Put More Focus on Successor

Obama could keep Treasury chief; weak-on-economy McCain seen to have few options

(Newser) - Henry Paulson’s handling of Wall Street’s financial crisis has consolidated so much power for the Treasury secretary that Barack Obama is considering keeping him on board if he wins the November election, the New York Times reports—and it’s heightened speculation about who might succeed him in...

Raise Your Hand if You Want Part of the Bailout

Lobbying intense as Wall Street firms jockey to profit from rescue

(Newser) - Where there’s $700 billion of government money, there are lobbyists. Financial institutions are jockeying for their piece of the massive bailout bill that’s being rushed through Congress, the New York Times reports, with everyone from insurers to mortgage lenders looking to profit by unloading assets under the most...

European Central Bank Puts $40B More Into Market

With money markets still moribund, the ECB acts to stimulate lending

(Newser) - The European Central Bank is promising another $40 billion influx of cash to help shore up fluttering money markets among banks on the continent, reports the AP. The ECB said it will announce its lending rate and the number of bidders later today.

Dems Set Their Own Terms for Bailout Plan

Congress wants oversight of treasury, homeowner assistance

(Newser) - As Hank Paulson did the Sunday talk shows, Democrats in the House and Senate set down their own terms for a plan to rescue the nation's financial institutions—one that would give Congress greater oversight over the treasury. Barney Frank, who chairs the House Financial Services Committee, put forward his...

$1T US Bailout May Crush Dollar's Rally

Plan's huge pricetag undermines confidence in the buck

(Newser) - The US plan to spend up to $700 billion on suspect mortgage-related instruments and a possible additional $400 billion to insure money market mutual funds may stabilize financial markets—but it’s just as likely to send the dollar into a dive, eroding its 3-month rally, reports Bloomberg. “The...

Fed Allows Goldman, Morgan to Become Full Banks

(Newser) - Goldman Sachs and Morgan Stanley, the nation's last two major independent investment banks, have gotten permission to become bank holding companies, the Federal Reserve said tonight. A fundamental rearrangement of Wall Street, the move will allow them to create commercial banks, which would bolster their resources, while inviting increased regulation....

Dems Bristle Over 'Blank Check' Bailout

Lawmakers vow not to rush bill like Sept. 11 legislation

(Newser) - Democratic lawmakers showed concern today over a proposed $700 billion bailout plan that Barack Obama called a "blank check," Politico reports. Sen. Patrick Leahy vowed not to repeat their post-Sept. 11 mistake—of rushing legislation that President Bush used to justify wiretapping—while others said voters may see...

Tweaked Bailout Bill Opens Aid to Foreign Banks

Revision is first change sparked by Treasury-Congress talks

(Newser) - The Treasury Department has amended its bailout bill to include foreign banks, Politico reports, abandoning an earlier requirement that banks be headquartered in the US to receive money. Now, the banks must have “significant operations in the US” or be approved by Henry Paulson—meaning Barclays, Credit Suisse, and...

Economy's in for Grueling Hangover
 Economy's in 
 for Grueling 
 Hangover 
OPINION
Sep 21, 2008 6:05 AM CDT

Economy's in for Grueling Hangover

Time to pay for the party

(Newser) - The federal government’s giant bailout plan sparked a stock market surge—but it’s unlikely the economic turbulence will end anytime soon, warns David Leonhardt in the New York Times. “It’s been a long period of excess” lasting over a decade, and now the dot-com, stock market...

Wall St. Ads Must Stop Lying
 Wall St. Ads Must Stop Lying 
OPINION
Sep 20, 2008 7:11 PM CDT

Wall St. Ads Must Stop Lying

Time for banks to level with customers

(Newser) - You may see some ironic ads by flicking on CNBC. Financial companies have spent decades advertising their stability and trustworthiness, but these days such claims seem ridiculous, writes Paul Farhi of the Washington Post. As recently as Monday, AIG was running ads with the slogan “The Strength to Be...

Devil's in the Details of Wall St. Bailout

Plan expected to bring controversy

(Newser) - Now that President Bush has requested his $700 billion bailout plan from Congress, work is under way on the details. The administration kept its 3-page outline simple so it could adjust to problems on the fly, the Wall Street Journal reports. But that gives Congress the opportunity to load it...

Bush Asks Congress for $700B Bailout Fund

President urges swift action, 'and the cleaner the better'

(Newser) - The Bush administration today formally asked Congress to authorize a $700 billion fund, administered by the Treasury Department, to help troubled financial institutions unload bad debt, the Washington Post reports. The figure is $200 billion higher than legislators were led to expect yesterday, and the national debt limit would be...

Shareholders Push AIG to Avert Takeover

Sale of assets + infusion of capital = no government role

(Newser) - In an attempt to head off the federal government's acquisition of 80% of AIG, the insurance giants' big shareholders are pushing the company to repay the government's loan quickly, the Wall Street Journal reports. Washington is on the hook for up to $85 billion under a deal struck this week...

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